Core Viewpoint - The implementation of two significant financial policies aimed at boosting consumption has been announced, marking the start of a comprehensive approach to support both service industry operators and individual consumers [1] Group 1: Policy Implementation - On August 12, nine government departments, including the Ministry of Finance and the Ministry of Human Resources and Social Security, jointly released the "Implementation Plan for Loan Interest Subsidy Policy for Service Industry Operators" [1] - The same day, the Ministry of Finance, the People's Bank of China, and the Financial Regulatory Bureau issued the "Implementation Plan for Fiscal Interest Subsidy Policy for Personal Consumption Loans" [1] - These measures signify a coordinated effort to stimulate consumption through financial support [1] Group 2: Industry Response - On August 13, a representative from Ant Consumer Finance stated that the company will actively implement the policy requirements [1] - The company plans to focus on various aspects such as consumption scenarios, risk control, customer service, and marketing to effectively utilize the fiscal interest subsidy policy [1] - The goal is to benefit more consumers and business operators, thereby contributing to the activation and promotion of consumption potential through high-quality financial services [1]

Core Viewpoint - The Ministry of Finance, the Central Bank, and the Banking Regulatory Commission have released a personal consumption loan interest subsidy policy aimed at stimulating consumer spending from September 1, 2025, to August 31, 2026, with a maximum subsidy of 3,000 yuan per borrower [1][4]. Summary by Relevant Sections Policy Details - The subsidy applies to personal consumption loans used for various categories, including household vehicles, elderly care, education, cultural tourism, home decoration, electronics, and healthcare [2][3]. - The annual subsidy rate is set at 1%, with a maximum of 50% of the loan contract interest rate, funded by central and provincial finances [3][4]. Eligible Institutions - A total of 23 lending institutions have been selected, including 6 state-owned banks and 12 joint-stock banks, while local banks such as city commercial banks and rural commercial banks are notably absent [5][7]. Borrower Guidelines - Borrowers must authorize lending institutions to access transaction information to qualify for the subsidy, which will not affect their ability to apply for loans or repay them [6][9]. Market Impact - The policy is expected to increase market concentration towards larger banks, with analysts predicting a potential recovery in credit demand, particularly for operational loans [9][10]. - The subsidy is anticipated to significantly boost consumer demand, with estimates suggesting that every 100 billion yuan in fiscal spending could leverage 1 trillion yuan in consumption [10][11].

Core Viewpoint - The article discusses the implementation of two subsidy policies aimed at boosting consumer spending and expanding domestic demand through financial support and fiscal subsidies [3]. Group 1: Personal Consumption Loan Subsidy Policy - The personal consumption loan subsidy policy is the first of its kind from the central government, targeting residents' consumption pain points by reducing credit costs to stimulate consumption potential [5]. - The subsidy applies to the portion of personal consumption loans used for consumption, covering both daily expenses under 50,000 yuan and larger purchases in seven key consumption areas [5]. - The subsidy rate is set at 1%, which is about one-third of the current commercial bank personal consumption loan interest rates, significantly alleviating borrowing pressure for residents [5]. - The policy is effective for one year and aligns with the trend of diversified and quality upgrades in consumer spending [5][6]. Group 2: Service Industry Loan Subsidy Policy - The service industry loan subsidy policy was launched simultaneously, focusing on enhancing the supply side of consumer services by supporting the development of service providers [9]. - This policy targets eight key service sectors, including dining, health, and tourism, with a subsidy rate of 1% and a maximum subsidy of 10,000 yuan per eligible entity [9][10]. - The policy aims to improve the quality and efficiency of service supply, creating a virtuous cycle in the consumption market [9][10]. Group 3: Financial Support and Regulatory Measures - The policies are designed to work in tandem, enhancing consumer willingness to spend while improving service providers' capabilities [7]. - Financial institutions are required to adhere to market-oriented and legal principles in credit management, ensuring proper loan amounts, terms, and rates [6][10]. - The implementation of these policies will be monitored, with evaluations planned to assess their effectiveness and potential adjustments after the policy period [10].

中新社北京8月13日电 (记者 赵建华)中国近日推出两项财政贴息政策，提振消费、扩大内需。这两项贴 息政策分别面向个人消费贷款和服务业经营主体贷款。 消费是经济增长的重要引擎。商务部服务贸易和商贸服务业司负责人王波介绍，2020年至2024年，居民 人均服务性消费支出年均增长9.6%。下半年，随着个人消费贷款财政贴息等各项扩消费政策持续叠加 发力，中国超大规模市场活力和潜力将进一步激发。(完) 其中，个人消费贷款财政贴息政策的贴息对象为：居民使用的相关贷款经办机构个人消费贷款中实际用 于消费的部分，包括单笔5万元(人民币，下同)以下日常消费，以及单笔5万元及以上的家用汽车、养老 生育、教育培训、文化旅游、家居家装、电子产品和健康医疗等重点领域消费。贴息比例为1个百分 点，大体相当于目前商业银行个人消费贷款利率水平的三分之一，政策实施期为1年。这是中央财政首 次对个人消费贷款进行贴息。 服务业经营主体贷款贴息政策的贴息对象为：向消费领域服务业经营主体发放的银行贷款，聚焦餐饮住 宿、健康、养老、托育、家政、文化娱乐、旅游、体育等8类消费服务领域。贴息比例同样为1个百分 点。 上述政策到期后，中国或将延长期限、扩大 ...

8月13日，蚂蚁消费金融相关负责人回应北京商报记者称，作为政策参与机构，公司将积极贯彻政策要 求，从消费场景、风险控制、客户服务、营销宣传等方面做实做细实施方案，发挥好财政资金贴息政策 作用，惠及更多消费者和经营主体，通过高质量金融服务，为激活和促进消费潜力做更大贡献。 北京商报讯（记者 刘四红）金融促消费再迎政策利好。8月12日，财政部、民政部、人力资源社会保障 部、商务部等九部门联合发布《服务业经营主体贷款贴息政策实施方案》；同日财政部、中国人民银 行、金融监管总局三部门亦同步印发《个人消费贷款财政贴息政策实施方案》。两项重磅措施的落地， 标志着从服务业经营主体到个人消费者的贴息政策"组合拳"正式启动。 ...

8月12日，财政部、中国人民银行、金融监管总局联合发布关于印发《个人消费贷款财政贴息政策实施方 案》（下称"方案"）的通知，将对符合条件的个人消费贷款予以财政贴息。 方案甫一公布，农业银行、邮储银行、工商银行、中国银行、建设银行、交通银行六大行就火速响应。 农业银行：自9月1日起对符合要求的个人消费贷款实施贴息 中国农业银行8月12日公告称，将按照市场化、法治化原则，自2025年9月1日起，对符合《关于印发<个人 消费贷款财政贴息政策实施方案>的通知》要求的个人消费贷款实施贴息。后续办理流程及相关问题解答， 将通过中国农业银行官网、微信公众号、手机银行、营业网点、95599等官方渠道统一发布。 邮储银行：正积极组织开展个人消费贷款与服务业经营主体贷款贴息政策落地实施工作 邮储银行发布关于个人消费贷款与服务业经营主体贷款财政贴息工作的公告，该行正积极组织开展个人消 费贷款与服务业经营主体贷款贴息政策落地实施工作，扎实推动政策传导落地。 邮储银行表示，该行将认真贯彻落实《关于印发<个人消费贷款财政贴息政策实施方案>的通知》、《关于 印发<服务业经营主体贷款贴息政策实施方案>的通知》精神及相关要求，全力确保国家政策 ...

来源：北京日报客户端 从当日盘面看，零售板块高开。合百集团两连板，国光连锁涨停，通程控股、友好集团、武商集团、国芳集团、杭州解百等个股跟涨。 从政策面看，8月12日，财政部、中国人民银行、金融监管总局公开发布《个人消费贷款财政贴息政策实施方案》，对符合条件的个人消费贷款给予财政 贴息。同日，财政部等九部门发布《服务业经营主体贷款贴息政策实施方案》，对符合条件的消费领域服务业经营主体贷款给予财政贴息。消费领域服务 业经营主体包括餐饮住宿、健康、养老、托育、家政、文化娱乐、旅游、体育8类。 贴息将对相关服务业经营主体进行减负。中泰证券研究所政策组首席分析师杨畅表示，这是财政政策的增量发力。去年以来"以旧换新"政策对商品消费已 形成明显拉动，在此背景下财政政策进一步聚焦服务消费，有望对支撑整体消费发挥重要作用。 近期，A股二级市场较为活跃，融资融券余额已重回2万亿元。Wind数据显示，截至8月12日，A股融资融券余额为20345.33亿元，较前一交易日的 20261.98亿元增加83.35亿元。 8月13日早盘，A股三大股指集体高开，沪指涨0.07％，深成指涨0.17％，创业板涨0.33％。截至11时30分午间收盘 ...

日前，财政部、中国人民银行、金融监管总局印发《个人消费贷款财政贴息政策实施方案》。8月12 日、8月13日，多家银行发布公告，落实个人消费贷款财政贴息相关工作。 中国银行 中国银行关于落实个人消费贷款财政贴息工作的公告 为深入贯彻落实党中央、国务院决策部署，助力扩内需促消费，中国银行将全力落实并严格执行《关于 印发<个人消费贷款财政贴息政策实施方案>的通知》（财金[2025]80号），确保财政贴息的政策红利直 达广大消费者，为激发消费潜力贡献金融力量。 我行将遵循市场化、法治化原则，于2025年9月1日开始，针对符合政策条件的个人消费贷款开展财政贴 息工作。后续将通过中国银行官微、官网、营业网点等渠道公布办理流程等实施细则，敬请关注。 中国建设银行 中国农业银行关于个人消费贷款贴息工作的公告 为深入贯彻落实党中央、国务院决策部署，有效降低居民消费信贷成本，充分激发消费市场潜力，我行 积极响应并严格执行《关于印发<个人消费贷款财政贴息政策实施方案>的通知》（财金〔2025〕80 号）精神及相关要求，依法合规推进个人消费贷款贴息工作，确保将国家政策红利切实惠及广大金融消 费者。 我行将按照市场化、法治化原则，自2 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - China and the US have agreed to suspend the implementation of 24% tariffs for another 90 days starting from August 12, 2025, which may allow the risk - preference in the capital market to continue [22]. - The A - share market is currently in a slow - bull trend, and in August, during the policy window period and the concentrated disclosure period of interim reports, the market may experience local hot - spot rotation. Investors should focus on sectors with strong performance prospects [23]. - For A - shares, the main stock indexes continue the trend of oscillating upward. It is recommended to follow the trend in investment, pay attention to locking in profits during rapid rallies, and look for low - buying opportunities in IF, IM, and IC [23][25]. 3. Summary by Relevant Catalogs 3.1 Macro - news - China and the US issued a joint statement on the Stockholm economic and trade talks. Both sides will continue to suspend the implementation of 24% tariffs for 90 days starting from August 12. China will also continue to suspend relevant measures on the unreliable entity list [9]. - Three departments jointly issued a plan for fiscal interest subsidies on personal consumption loans, and nine departments including the Ministry of Finance issued a plan for fiscal interest subsidies on loans to service - industry business entities [9]. - The US CPI in July was flat year - on - year at 2.7%, lower than expected, while the core CPI rose 3.1% year - on - year, higher than expected. The market expects the Fed to cut interest rates in September with a probability of over 90% [10]. - The preliminary ruling of the Ministry of Commerce shows that there is dumping of imported rapeseed from Canada and halogenated butyl rubber from Canada and Japan. Temporary anti - dumping measures will be implemented starting from August 14, and an anti - dumping investigation will be launched on imported pea starch from Canada [10]. - The adjustment of domestic refined oil prices has been shelved this time [10]. - The Lithium Industry Branch of the China Non - Ferrous Metals Industry Association issued an initiative to resist "involution - style" malicious competition, and eight dry - process lithium battery separator enterprises reached a consensus on anti - involution [11]. 3.2 Morning Meeting Views on Main Varieties 3.2.1 Agricultural Products - Peanut market prices are basically stable, with a pattern of weak supply and demand. It is expected to be strongly oscillating in the short term but still in a downward trend [14]. - The sugar market has a situation of mixed long and short factors. It is recommended to wait and see. If it effectively breaks through the 5630 pressure level, a light - position long position can be tried [14]. - The corn market also has mixed long and short factors. It is recommended to wait and see in the short term, focusing on the competition at the 2260 key level [14]. - The national average price of live pigs is falling steadily. The futures price is expected to maintain an interval oscillation [14]. - The spot price of eggs is stabilizing. The futures market has a large selling pressure, and it is recommended to avoid long positions [14][15]. - The cotton price is oscillating upward, but it still lacks a core driving force in the short term. Attention should be paid to the USDA report and subsequent news [15]. 3.2.2 Energy and Chemicals - The domestic urea market price continues to be weak. The supply pressure is expected to increase, and the futures price may continue to oscillate and consolidate [17]. - The caustic soda market in Shandong is stable, and it is recommended to pay attention to the 9 - 11 reverse spread [17]. 3.2.3 Industrial Metals - The coking coal and coke prices are expected to remain strong in the short term due to the news of coking enterprise production restrictions [18]. - The copper price continues to oscillate and consolidate, and the aluminum price is expected to continue high - level adjustment due to factors such as increased supply and weak demand [18]. - The alumina market is in an oversupply pattern and is expected to continue interval consolidation [18]. - The steel price is expected to maintain an oscillating and upward trend due to cost increases and production - reduction expectations [18]. - The ferrosilicon and ferromanganese futures prices are oscillating, and the market is mainly affected by macro and coal industry policies, showing an interval oscillation with a rising center of gravity [21]. - The lithium carbonate futures price has risen, with strong expectations but weak reality in the fundamentals. It is recommended to operate within the range, and pay attention to the progress of mining license renewals and terminal restocking [21]. 3.2.4 Options and Finance - On August 12, the three major A - share indexes rose collectively. The futures and options markets of various indexes showed different trends. Trend investors should pay attention to the strength - based arbitrage opportunities between varieties, and volatility investors can buy straddles to bet on increased volatility [21][22].

1. Report Investment Ratings No investment ratings for the entire industry are provided in the report. 2. Core Views - The US CPI data in July generally support the Fed's rate cut in September, but the slightly higher-than-expected core inflation fails to strengthen the market's rate cut expectations and limits the subsequent rate cut space [2][14]. - The A-share market is strong, and the two loan discount policies announced yesterday may have a positive impact on reducing the debt costs of enterprises and residents and stimulating purchasing power [3][17]. - In the second half of August, factors unfavorable to the bond market are increasing, and the bond market is expected to be slightly weaker in a volatile manner. However, due to the lack of obvious improvement in the fundamentals, it is hard to say that the bond market will turn bearish trend - wise. The upward - trending interest rates in the second half of August will bring allocation opportunities [4][23]. - Steel prices are running strongly, mainly driven by the strong expectation of environmental protection production restrictions. However, since the terminal demand has not changed much, risks should be watched out for [5][43]. - Due to supply - side risks such as production line maintenance and mine shutdowns, the prices of lithium carbonate and other products are expected to be strong in the short term [6][58]. - Oil prices are oscillating weakly, and both EIA and OPEC slightly raise the market demand forecast for next year [7][60]. 3. Summary by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - The US July unadjusted CPI rose 2.7% year - on - year, and the gold price oscillated slightly lower. The CPI data support the Fed's rate cut in September, but the core inflation limits the rate cut space. Short - term gold remains in a volatile pattern [14][15]. 3.1.2 Macro Strategy (Stock Index Futures) - Two loan discount policies are introduced, and China and the US agree to continue suspending the implementation of 24% reciprocal tariffs. The A - share market is approaching the previous high of 3674. It is recommended to allocate various stock indices evenly [16][17][18]. 3.1.3 Macro Strategy (US Stock Index Futures) - Fed officials have different views on monetary policy. The US July CPI is slightly lower than expected, but the core CPI exceeds expectations, increasing the probability of a rate cut in September. The US stock market is expected to remain strong, but inflation risks exist [19][20][21]. 3.1.4 Macro Strategy (Treasury Bond Futures) - Three departments issue the implementation plan for the fiscal discount policy on personal consumption loans. The bond market is under pressure, and it is recommended that trading desks be cautious when betting on rebounds [22][23][25]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Meal) - USDA unexpectedly lowers the US soybean ending inventory. The report is beneficial to soybean meal, and it is expected that the soybean meal futures price will remain strong before China resumes purchasing US soybeans [26][27]. 3.2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - The expected ending inventory of US soybeans in 2025/2026 is lower than expected, and the anti - dumping investigation on Canadian rapeseed is initiated. It is recommended to take long positions in the domestic oil market or adopt the strategy of going long on rapeseed oil and short on soybean oil in the 01 contract [28][30][31]. 3.2.3 Agricultural Products (Cotton) - The cotton textile industry PMI in July drops significantly, and the new order index reaches a low level. The growth progress of US cotton is slow, and the ICE cotton price is expected to be weak and volatile in the short term. Zhengzhou cotton is expected to oscillate [32][34][35]. 3.2.4 Agricultural Products (Corn Starch) - The spot price of corn starch is weak. The terminal demand is weak, and the rice - flour price difference has no driving force to strengthen [36]. 3.2.5 Agricultural Products (Hogs) - The cost of hog farming is under control. It is recommended to pay continuous attention to the opportunity of reverse spreads [37][38]. 3.2.6 Agricultural Products (Corn) - The import corn auction turnover rate is low, and the corn price is weak. It is recommended to avoid the 09 contract and hold short positions in the 11 and 01 contracts [39][40]. 3.2.7 Black Metals (Rebar/Hot - Rolled Coil) - The sales of key real - estate enterprises decline, and the steel price is strong due to the expectation of environmental protection production restrictions. However, risks should be watched out for as the terminal demand is stable [41][43][44]. 3.2.8 Non - ferrous Metals (Alumina) - Shanxi Province adjusts the mining rights policy. The current supply - demand of alumina is in surplus, and it is recommended to wait and see [45][46][47]. 3.2.9 Non - ferrous Metals (Lead) - Some refineries have maintenance plans in August. It is recommended to hold long positions established at low levels and pay attention to the opportunity of internal - external positive spreads [48][49]. 3.2.10 Non - ferrous Metals (Zinc) - LME zinc inventory decreases slightly, while domestic social inventory increases significantly. It is recommended to manage positions for unilateral positions, pay attention to medium - term positive spreads, and wait and see for internal - external spreads [50][51]. 3.2.11 Non - ferrous Metals (Nickel) - The future demand for nickel ore in Indonesia is expected to increase. In the short term, it is recommended to pay attention to band - trading opportunities, and in the medium term, pay attention to short - selling opportunities at high prices [52][53][54]. 3.2.12 Non - ferrous Metals (Lithium Carbonate) - There are supply - side risks such as mine shutdowns. It is recommended to pay attention to the opportunity of buying on dips and positive spreads between months [58]. 3.2.13 Energy and Chemicals (Crude Oil) - OPEC's oil production increases in July, and oil prices are weakly volatile. It is expected to remain volatile in the short term [59][60][61]. 3.2.14 Energy and Chemicals (Carbon Emissions) - The CEA price is oscillating narrowly, and it is expected to continue to oscillate in the short term [62][63][64]. 3.2.15 Energy and Chemicals (Caustic Soda) - The spot price of caustic soda is gradually weakening, and the futures price is expected to oscillate [65]. 3.2.16 Energy and Chemicals (Pulp) - The price trends of different pulp varieties are differentiated. The pulp futures price may rise, but the upward space is limited [66]. 3.2.17 Energy and Chemicals (PVC) - The PVC market price rises, but the fundamentals are weak. The market is expected to oscillate [67]. 3.2.18 Energy and Chemicals (PX) - The PX price is weak, and the market structure changes. It is expected to adjust in a volatile manner in the short term [68][69]. 3.2.19 Energy and Chemicals (Bottle Chips) - The export quotation of bottle chips is stable, and the industry is in a state of production reduction. The absolute price follows the fluctuation of polyester raw materials [70][72]. 3.2.20 Energy and Chemicals (Urea) - The urea market is volatile. The short - term supply - demand pattern is weak, and the price may be under pressure, but the downward space is limited [73][74]. 3.2.21 Energy and Chemicals (PTA) - The PTA futures is strongly oscillating, and the demand side is weak. It is expected to adjust in a volatile manner in the short term [75][77]. 3.2.22 Energy and Chemicals (Styrene) - The price of pure benzene is expected to be strong, and the production of styrene is high. It is recommended to treat it in a volatile manner and pay attention to cost - side changes [78][79]. 3.2.23 Energy and Chemicals (Soda Ash) - Due to the investigation of an official in Qinghai, the market is worried about supply - side disturbances. It is recommended to manage positions [80][81][82]. 3.2.24 Energy and Chemicals (Float Glass) - The glass futures price decline narrows, and the fundamentals are weak. It is recommended to operate with caution on the single - side and focus on arbitrage operations [83].